As noted by Nasser and Michael E2 in question 274571, a bug in DSolve prevents it from evaluating the code given in the question above. However, the bug can be circumvented by replacing t'[x] by z[x].
s1 = Simplify[
DSolve[{r''[x] + r[x]*(z[x])^2 == 0, z'[x]*r[x] + 2 r'[x]*z[x] == 0,
r[0] == r0, r'[0] == 0}, {r[x], z[x]}, x] /. C[2] -> -C[2],
C[2] > 0 && r0^2 - 2 x^2 C[2] > 0]
(* {{r[x] -> -Sqrt[r0^2 - 2 x^2 C[2]], z[x] -> (Sqrt[2] r0 Sqrt[C[2]])/((r0^2 - 2 x^2 C[2])},
{r[x] -> -Sqrt[r0^2 - 2 x^2 C[2]], z[x] -> -((Sqrt[2] r0 Sqrt[C[2]])/(r0^2 - 2 x^2 C[2]))},
{r[x] -> Sqrt[r0^2 - 2 x^2 C[2]], z[x] -> (Sqrt[2] r0 Sqrt[C[2]])/(r0^2 - 2 x^2 C[2])},
{r[x] -> Sqrt[r0^2 - 2 x^2 C[2]], z[x] -> -((Sqrt[2] r0 Sqrt[C[2]])/(r0^2 - 2 x^2 C[2]))}} *)
Then, t[x] can be obtained as the integral of z[x]. Consider, for instance, the third solution just given.
s2 = Integrate[s1[[3, 2, 2]], x] // Simplify
(* ArcTanh[(Sqrt[2] x Sqrt[C[2]])/r0] *)
Then solve this expression for x and insert it into the expression for r[x].
Reduce[t == s2 && C[2] > 0, x, Reals] // Last
Simplify[s1[[3, 1, 2]] /. (% /. Equal -> Rule), r0 > 0]
(* x == (r0 Tanh[t])/(Sqrt[2] Sqrt[C[2]]) *)
(* r0 Sqrt[Sech[t]^2] *)
So, r = r0 at t = 0, as desired, and decreases to zero as t approaches infinity. For completeness, a plot of {r[x], t[x]} for the case just described is
Plot[Evaluate[{s1[[3, 1, 2]], s2} /. {r0 -> 2, C[2] -> 2}], {x, 0, 1},
PlotRange -> {0, 4}, AxesLabel -> {x, "r,t"}, ImageSize -> Large,
LabelStyle -> {15, Bold, Black}]

The same plot can be obtained from numerical integration of the ODEs.
NDSolveValue[{r''[x] + r[x]*t'[x]^2 == 0,
r[x]*t''[x] + 2 r'[x]*t'[x] == 0, t[0] == 0, t'[0] == 1,
r'[0] == 0, r[0] == 2}, {r[x], t[x]}, {x, 0, .9999}];
Plot[%, {x, 0, .9999}, PlotRange -> {0, 4}, PlotRange -> {0, 4},
AxesLabel -> {x, "r,t"}, ImageSize -> Large, LabelStyle -> {15, Bold, Black}]